After the runaway success of the Unified Payments Interface (UPI) mobile payments platform, India is moving forward with the next stage of digitising its financial services sector. The opportunities are immense but so are the challenges. Most Indian lenders have been hamstrung by a growing NPA burden and the focus has shifted to the underfunded […]
Can Account Aggregators Lead to a Customer-First Approach in Lending?
Loan, insurance, etc. require a customer to share their financial information (FI) with an organisation. Typically, they do so by printing the documents and submitting the hard copies. The method betrays the very sensitivity of the information and is time-intensive. Another technique is screen scraping. In screen scraping, the customer shares their user-id and passwords […]
Exploring Finezza’s Loan Management System: Features and Benefits
Amid reports of slowing credit growth owing to the coronavirus crisis, lenders are looking to streamline their operations and eliminate inefficiencies. From shutting down non-profitable branches to digitising workflows, there is a clear push to cut costs and increase customer engagement. Automated loan management systems with built-in analytics are attracting a lot of interest from […]
Implementing Digital Borrower Onboarding Process during COVID-19
At the onset of the pandemic, factors like the dependence on physical processes and the lack of adequate infrastructure collectively brought the lending to a standstill. The lending rate touched all-time lows in the country, and the limited applications that were processed were digital pre-approved loans to very select customers. Clearly, the only way to […]
How Digital Footprint Data is Shaping the Future of Credit Scoring?
With changes in the way transactions are processed and payments are made, the system for accessing risks or loan underwriting must also change. Lending companies are undoubtedly a susceptible target of fraudsters, especially in the times of digital banking. Where traditional credit scoring fails miserably during digital lending, digital footprints can help make up for […]
Decision Management System: A Safeguard Against Financial Risks
A sturdy decision management system can be a lender’s safeguard against financial risks that the credit evaluation process exposes them to. It harbours a promise of distinct competitive advantage to lenders with improved and flawless decision making. Fast-tracking the credit evaluation and risk management process at the lender’s end ensures increased financial security. It also […]